Monday, February 13, 2017

Some of us remember David Stockman

David Stockman reporting on Trumpster:He added that "there's going to be no tax action this year," said Stockman, echoing repeated concerns by Goldman who have said, mostly recently this morning, that Trump's plans for the economy are facing mounting political risks. Last week, the president vowed that tax reform could happen this year, and promised to unveil a "phenomenal" tax plan within the next few weeks, which however has drawn skepticism from Washington insiders."If there's any next year it will be deficit neutral, which means it's not going to add the $15 to earnings like these people expect," Stockman said. In fact, as reported earlier, with the Border Adjustment Tax becoming a virtual impossibility, the extent of corporate tax cuts will likely be far less than what the market is pricing in currently. "My argument is there is not going to be any economic rebound, there is not going to be any profit surge," Stockman added. "Therefore the market will be repricing dramatically downward once it's clear that that's the case."

Dave had this job in the Reagan administrator, Ronnie Explainer. He would use cartoon infographics to explain to Ronnie that money comes in and money goes out. Ronnie was cotton candy brain from day one.